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Daylight Saving Time Starts This Sunday in Europe and the UK – What Does This Mean for Your Trade Reporting?

Most European countries alongside the UK will need to turn their clocks forward by 1 hour this Sunday, 31 March 2024. While you enjoy the sun and longer days, you will also need to check that the time settings in your trade/transaction reporting are correct.

Here are TRAction’s two tips to help you ensure your trades/transactions are reported at the correct time.

1. Check the Time fields in your handback files

The first day that you receive handback files for trades/transactions carried out after the commencement of daylight savings will depend on whether your country observes a national holiday for Easter Monday. 

If your market is open on Monday, 1 April 2024, the first day you receive handback files after the time change will be Tuesday, 2 April 2024. If your market is closed on Monday, 1 April 2024, the first day you receive handback files after the time change will be Wednesday, 3 April 2024. 

Either way, it’s important to do the following check and act promptly if there is any problem.

You will need to cross-check the time of your trades/transactions against the UTC time recorded under the following LSEG Regulatory Reporting (formerly UnaVista) and DTCC fields:

      • MiFIR – Trading Date Time field (LSEG Post Trade (formerly UnaVista));

      • EMIR – Execution Timestamp field (LSEG Post Trade (formerly UnaVista));

      • SFTR – Execution Timestamp field (DTCC).

    How to check?

        • Pick a few trades from your raw data and convert the time to UTC time; and

        • compare those against the UTC populated under the fields as described above in your handback files.

      If the time does not match, please contact us.

      2. Check time recorded for daily snapshot (if applicable)

      For firms who do a daily snapshot for trade/transaction reporting, double check if it is taking place at the intended end-of-day time.

      With these simple checks above, you will save time, effort and breaches in the future by avoiding the need to submit corrections for inaccurately reported trades.

      If you have any concerns or are not sure how to do this check, please contact us.

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      Quinn Perrott

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      Quinn Perrott

      Quinn is co-CEO and founder of TRAction and focuses on assisting clients in Europe, Asia and Australia to meet their regulatory requirements with trade and transaction reporting solutions as well as development of the best execution platform. With a background in IT, Quinn started in the financial markets as IT Manager for City Index. He then co-founded and worked as a General Manager at one of Australia’s largest margin FX and CFD providers. Quinn has provided educational sessions to Australia’s regulatory bodies in relation to operational aspects of derivatives and trading platforms.